Office of the Comptroller of the Currency Promotes Financial Literacy Event on Capitol Hill

WASHINGTON — The Office of the Comptroller of the Currency participated in the annual Financial Literacy Day on Capitol Hill event today to educate and support consumers of financial services. The event is held in conjunction with National Financial Literacy Month.

"Financial Literacy Day on Capitol Hill provides an opportunity for the OCC to provide our consumer information to congressional staff, federal agencies, banks, and the general public," said Acting Comptroller of the Currency John Walsh. "National banks often collaborate with community organizations on financial literacy and capability initiatives. Basic financial literacy and access to a bank account can be an important step to entering the financial mainstream."

The OCC encourages national banks to participate in community outreach programs and initiatives, through which banks may extend the reach of their products and services to low- and moderate income customers and to underbanked markets. At the same time, it may allow banks to earn positive consideration under the Community Reinvestment Act requirements.

During the event, OCC staff provided a number of the agency’s publications on financial literacy, including a report on school-based bank savings programs, which helps students learn about the importance of saving and other money management skills, and the OCC’s Community Developments newsletter. The newsletter describes financial literacy programs across the country that are operated by banks and their community partners. The OCC also distributed its most recent Financial Literacy Update. This bimonthly publication reports on upcoming financial literacy events, new programs, and related resource materials.

Visitors to the event also received information about the OCC’s HelpWithMyBank.gov Web site, which provides information to national banks customers. The Web site provides over 250 common questions and answers covering such topics as credit cards, bank accounts, mortgages, consumer loans, insurance, identity theft, and safe deposit boxes. The site also includes links and references to financial information and an online consumer complaint form.